Strategy
Compare Strategy…Largest corporate Bitcoin holder (~819K BTC). Software business plus leveraged BTC treasury funded by convertible debt and ATM equity.
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StrategyLargest corporate Bitcoin holder (~819K BTC). Software business plus leveraged BTC treasury funded by convertible debt and ATM equity.
| Issue Date | Coupon | Maturity | Conversion Price | Principal ($M) | Notes | |
|---|---|---|---|---|---|---|
| Convertible Senior Notes due 2027 | June 2021 | 0.000% | Feb 2027 | $1,432.46/share | $650M outstanding (orig issuance + greenshoe) | First MSTR convert; established 0% coupon precedent |
| Convertible Senior Notes due 2028 | June 2021 | 0.750% | June 2028 | $1,672.96/share | $1,050M outstanding | 0.75% coupon (only non-zero coupon series) |
| Convertible Senior Notes due 2029 | Sep 2024 | 0.625% | Sep 2029 | $1,497.42/share | $1,010M outstanding | Reopened from initial Aug 2024 issuance |
| Convertible Senior Notes due 2030 | Nov 2024 | 0.000% | Dec 2030 | $1,924.40/share | $3,000M outstanding | 0% coupon; marquee Nov 2024 convert wave |
| Convertible Senior Notes due 2031 | Feb 2025 | 0.000% | Mar 2031 | $2,041.40/share | $2,000M outstanding | 0% coupon; conversion premium ~75% |
| Convertible Senior Notes due 2032 | June 2025 | 0.000% | June 2032 | $2,250.00/share | $1,800M outstanding | 0% coupon; conversion premium ~80% |
| Total outstanding convertible debt | ~$9.5B across all series | Weighted-avg coupon ~0.10% | Weighted-avg maturity 5.5 years | Total face value | 0%-coupon structure unique in US public markets | |
| Editorial. Why this matters | Strategic context | MSTR converts are structurally unique: 0%-coupon notes priced primarily off implied volatility of MSTR common stock (itself a leveraged-BTC vehicle). The 6+ series ladder de-risks refinancing (only $650M matures in 2027 vs $3B in 2030). The mNAV premium has to stay healthy for these to be refinance-able at favorable terms. Marquee question: as 2027 + 2028 maturities approach + mNAV compresses, do MSTR's converts get rolled into new equity issuance + lower-strike paper, or does the 0%-coupon structure force conversion + balance sheet dilution? |
2020-12 (first acquisition era)-2026-05
2021-Q2-2026-Q1
2021-Q2-2026-Q1
1998-2025
$MSTR
Largest corporate Bitcoin holder (about 819K BTC as of May 2026). Software business plus leveraged BTC treasury funded by convertible debt and ATM equity issuance. The mNAV premium drives the flywheel.